Asian Energy Services wins Rs 187.6 crore Gujarat Power EPC contract

What Asian Energy Services announced

On 22 June 2026, Asian Energy Services Limited (AESL) issued a press release stating that it has been awarded a Rs 187.62 crore engineering‑procurement‑construction (EPC) contract by Gujarat State Electricity Corporation Limited (GSECL). The contract involves the capacity enhancement of the Coal Handling Plant (Stage‑II) at the Ukai Thermal Power Station in Gujarat. This is the first sizeable order AESL has secured outside the ambit of Coal India Limited and its subsidiaries, signalling a strategic expansion of its customer base into state‑run utility projects.

Details of the GSECL EPC contract

The GSECL assignment is structured on a lump‑sum EPC basis. AESL will be responsible for the complete engineering, procurement, construction and commissioning of the plant upgrade. The scope covers end‑to‑end delivery, from detailed design to final hand‑over, and is slated to be executed over a 2‑3 year period. Dr. Kapil Garg, Managing Director of AESL, highlighted that the project will add revenue visibility for the next two years and expands the company’s order book in the mineral infrastructure vertical. While the press release does not disclose a detailed payment schedule, the total contract value includes GST, amounting to Rs 187.62 crore.

Company background and ownership

Asian Energy Services operates in the mineral infrastructure vertical, delivering turnkey solutions for coal handling systems across several Coal India subsidiaries such as MCL, ECL, CCL, SECL and Singareni Collieries. Its service portfolio also spans upstream oil & gas activities, including seismic data acquisition, operations & maintenance of on‑shore and off‑shore facilities, and production enhancement services.

The company was acquired by Oilmax Energy Private Limited (OEPL), an unlisted private firm that now holds 56.01% of AESL’s share capital. OEPL’s core business is exploration, development and production of oil & gas assets, and it has recently diversified into mineral assets and advanced agriculture. The backing of OEPL provides AESL with financial stability and strategic direction as it seeks to broaden its client base beyond traditional coal‑centric customers.

Key facts at a glance

Why this matters for investors

The contract expands AESL’s order book beyond the Coal India ecosystem, reducing concentration risk and potentially opening doors to other state‑run utilities. A lump‑sum EPC arrangement provides predictable cash flows once project milestones are met, and the 2‑3 year execution window aligns with the company’s statement of revenue visibility for the next two years. However, the filing does not disclose the expected profit margin or the timing of cash receipts, so investors should monitor subsequent updates on project progress and any related financing arrangements.

The 56.01% ownership by Oilmax Energy suggests that the parent company may support the project financially if required, and it also reflects a strategic intent to leverage AESL’s capabilities across a broader energy and mineral portfolio. While the contract size is modest relative to the overall Indian EPC market, it is material for AESL given its current revenue base and could serve as a reference point for future utility‑driven projects.

Conclusion

Asian Energy Services’ Rs 187.62 crore EPC contract with GSECL marks a significant diversification milestone, moving the company beyond its traditional Coal India clientele. The lump‑sum, 2‑3 year project is expected to enhance revenue visibility for the near term. The announcement is now part of the public record under Regulation 30, and further details on project execution, cash flow timing and any additional orders will be disclosed in future filings.